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The Globe and Mail

New York City's iconic cabs represent big business

Taxi business is proving to be a lucrative one in the Big Apple

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Taxis cabs in New York City.

Michael Falco/The Globe and Mail

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Andrew Murstein's vintage cab on the street in New York City.

Michael Falco/The Globe and Mail

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Andrew Murstein's vintage cab on the street in New York City.

Michael Falco/The Globe and Mail

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Andrew Murstein, president of Medallion Financial Corp., and his vintage cab on the street in New York City.

Michael Falco/The Globe and Mail

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When Andrew Murstein's grandfather was in the business, taxi medallions sold for $10 apiece. Today they cost more than $1-million.

Michael Falco/The Globe and Mail

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Andrew Murstein's grandfather was an immigrant from Eastern Europe who bought a New York taxi medallion when the system began in 1937.

Michael Falco/The Globe and Mail

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